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Kraken Introduces Multichain Wallet Supporting Crypto, NFTs, and DeFi Assets

TL;DR

  • Kraken Wallet supports eight major blockchain networks.
  • Wallet prioritizes minimal data collection for privacy.
  • Kraken Wallet’s code is open-source from launch.

Kraken one of the leading cryptocurrency exchanges, has introduced the Kraken Wallet product. The wallet allows users to store their cryptocurrency, tokens, NFTs, and DeFi assets across different blockchains, being the custodian of all the shifts between wallets. 

The wallet supports many networks. Some of them include Bitcoin, Ethereum, Solana, Dogecoin, etc, Kraken Wallet’s goal is to make things easy for the user while remaining their only point of entry to this “on-chain” world, even if they are not a “Kraken” client.

Kraken Wallet elevates security and user experience

The Wallet integrates these crucial user contexts namely security and privacy and within this, it delivers a user-friendly user interface (UI).and  eliminates the need for network switches or making multiple seed phrases as presented as a brand new solution for crypto junkie communities. 

The wallet’s connection with WalletConnect allows users not only to benefit from private and confidential transactions but also to have access to a large variety of dApps (decentralized applications) securely.

NFTs, as well as positions in DeFi, provide users with a complete vision of their portfolio. Kraken collects minimal data from its users which does not consist of login information. It does not also store any identification (KYC) of users. 

The idea of adopting a cognitive approach which directly implies that all users’ actions and personal data is secure and protected from potential malicious exposure from outside sources is the main focus of this approach.

Security measures

Security, of Kraken Wallet, which gets a lot of protection through the specified layers. These include smartphone-gained biometrics and login credentials offered by the users themselves, which must be encrypted. 

The Kraken has always supported a high-level security standard, and that is verified with the help of a partnership with Trail of Bits, a well-known cybersecurity consultancy, which did an in-depth comprehensive audit of the wallet’s code. The audit is intended to discover weaknesses and fix the security systems of the wallet in general.

For the 1st time in an open-source exchange wallet’s history, Kraken Wallet has open-sourced from day 1. The merger is certainly going to be a good fit for the crypto community as it shares the crypto community’s values for transparency and decentralization. Openness of the wallet transparency makes it prone to third-party verification of the code and elevates the security and reliability standards of the platform.

Future of the wallet

Kraken has aspirations to fully support the performance of the Wallet app so that it can assist to their mission of global mass crypto adoption. It intends to engage ongoing principles the source of a partially decentralized cryptocurrency community which instigate privacy and freedom in digital communication.

The Kraken initiative is part of the larger move on behalf of centralized exchanges to give customers the power to custody their assets thus symbolizing a growing awareness paid by the exchanges to the notion of user autonomy when it comes to digital assets.

 As the crypto market and digital assets is grow with the advancement in technology, problems of safety and availability may exist for the users. In this case, solutions like Kraken Wallet help create a more secure world of less complicated transactions for a bigger amount of people.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Emman Omwanda

Emmanuel Omwanda is a blockchain reporter who dives deep into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), and more. His expertise lies in cryptocurrency markets, spanning both fundamental and technical analysis.

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